CALGARY, June 12, 2015 /CNW/ - The Alberta Securities Commission (ASC) has found that five Respondents – Global 8 Environmental Technologies, Inc. (Global 8), Halo Property Services Inc. (Halo), Canadian Alternative Resources Inc. (CAR), René Joseph Branconnier and Chad Delbert Burback – breached Alberta securities laws and acted contrary to the public interest.
An ASC panel ruled that:
- Global 8 engaged in illegal trades and distributions of Global 8 securities, and made misrepresentations;
- Halo and CAR engaged in illegal distributions of Halo/CAR securities, made a prohibited representation relating to future value of CAR shares, and made misrepresentations; and
- Branconnier and Burback engaged in illegal trades and distributions of Global 8 securities, engaged in illegal distributions of Halo/CAR securities, made a prohibited representation relating to future value of CAR shares, made misrepresentations, and authorized or acquiesced in certain misconduct by Global 8, Halo and CAR.
In making its decision, the ASC panel noted that Alberta's securities regulatory regime "is founded to a considerable extent on the regulation of securities trading and distributions, with rules and prohibitions designed to protect investors and our capital market. Exemptions are crafted in light of the same purposes. Where, as here, exemptions are abused, investors and the capital market as a whole are put at risk. Moreover, investor wariness arising from such abuses may well hinder law-abiding issuers in their exempt-market fundraising."
The ASC panel dismissed against various of the Respondents allegations of other misrepresentations and prohibited representations, as well as allegations of fraud and of distracting and intimidating witnesses. The ASC panel also dismissed all allegations against Milverton Capital Corporation.
ASC staff and the Respondents are to submit their views on what, if any, orders for sanctions and costs ought to be made in this case.
A copy of the merits decision is available on the ASC website at www.albertasecurities.com.
The ASC is the regulatory agency responsible for administering the province's securities laws. It is entrusted with fostering a fair and efficient capital market in Alberta and with protecting investors. As a member of the Canadian Securities Administrators, the ASC works to improve, coordinate and harmonize the regulation of Canada's capital markets.
SOURCE Alberta Securities Commission